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Stock Market Falls Over Bailout Concerns

HeadlineSep 23, 2008

Negotiations continue on Capitol Hill over the Bush administration’s plan to spend at least $700 billion to bailout the financial industry in what will become the largest corporate bailout in US history. As concern grew over the bailout, Wall Street witnessed one of its most volatile days ever. The stock market fell nearly 400 points, the price of oil shot up by a record $16 per barrel, and the dollar took its steepest one day drop since 2001. The Democratic leadership is pushing for tougher oversight over the bailout package and for the inclusion of assistance to homeowners facing foreclosure. But disagreements remain over whether the bailout should include limits on executive pay for banks that get bailed out. The White House is saying it opposes including any punitive measures in the bill.

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